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Do you want to grow your small business but not sure where to start? What are some viable growth options for a small business with a limited budget? Growing your business usually isn’t as hard as starting it. Below we will share two ways you can grow your small business in an effective and manageable way. Here are three ways you can grow your small business.
What is the key to small business profitability? What are some things you could do to amp up the profits of your venture? In order for your small business to survive, you must be able to make a profit. Ensuring the profitability of a small business can be boiled down to two principles: 1) be mindful of what you spend your money on and 2) keep thinking of ways to generate more income. Read about the two basic principles of small business profitability.
What is the Law of Division in marketing? Why is expanding your brand to new categories dangerous for your company? The Law of Division states that if a market leader wants to enter an emerging category, it needs a new brand name for that category. The Law of Extension expands on that message and says that the credibility you build in one market doesn’t necessarily transfer to other product categories. Therefore, it’s risky to try to expand an existing brand into a new category. Keep reading for more on the Law of Division and the Law of Line Extension.
Why is perception more important than quality when it comes to marketing? What is the “everybody knows” principle? The Law of Perception states that your most potent weapon in marketing is not the quality of your product, but rather the public’s perception of your product. Your marketing will only be successful if consumers believe that your product is the best. Keep reading for more information about the Law of Perspective and the Law of the Mind.
Do you want to start a business but don’t know what you could sell? How do you create a product or service that’s going to bring in a profit? The first step of starting a business is to create a product or service. Ultimately, your product needs to have worth. In other words, it should make people’s lives better or easier. Ideally, this product or service should also be something that you’re passionate about. Follow these three steps to create a product or service that sells.
What is the Law of Focus? How can associating your brand with a word increase your sales? Law #5 of The 22 Immutable Laws of Marketing is the Law of Focus. It says that a successful marketing strategy can create a universal association between your word and your product. This also relates to the Law of Exclusivity which says that you can’t use another brand’s word. Continue on for more information about the 5th and 6th laws of marketing.
What is the Law of Singularity in marketing? Why is it better to focus your efforts on one big jab rather than multiple small punches? The Law of Singularity states that you should focus on finding opportunities to make a bold move that makes a big impression. The Law of Candor goes further to say that that big impact may even be the act of acknowledging your own negative attributes and exploiting them. Continue reading about the Law of Singularity and the Law of Candor from The 22 Immutable Laws of Marketing.
How do you know when it’s the right time to sell your business? Is it in your best interest to stay independent? In The Hard Thing About Hard Things, author Ben Horwitz discusses when the right time to sell your business is. There are both rational and emotional factors when it comes to selling something you’ve built and both play into the decision-making process. Continue reading for advice on whether or not you should sell your business.
Are you trying to expand your small business to more social media platforms? How can you advertise on Tumblr and gain a new audience? Tumblr’s not as big as some of the other platforms, but your brand should still advertise on Tumblr. It has several features that distinguish it from other social media platforms such as a customizable homepage and it has a young, urban audience. Keep reading to learn how to advertise on Tumblr.
What is the Law of Compensation? How does the character Joe from The Go-Giver learn to apply the law in real-life? The Law of Compensation states that your income depends on how many people you serve and how well you serve them. This means that your income reflects not only your value or worth but also your impact. Read on to learn more about the Law of Compensation.